科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (10): 174-183.DOI: 10.19571/j.cnki.1000-2995.2025.10.018

• 论文 • 上一篇    下一篇

环境税驱动企业绿色创新的“激励”与“挤出”效应研究

曹裕1，张文静1，万光羽2    

  1. 1.中南大学商学院，湖南 长沙410083；
    2.湖南大学经济与贸易学院，湖南 长沙410082
  • 收稿日期:2023-11-09 修回日期:2024-11-29 接受日期:2024-11-29 出版日期:2025-10-20 发布日期:2025-10-14
  • 通讯作者: 万光羽
  • 基金资助:
    国家自然科学基金面上项目：“平台信息分享与融资担保下的绿色供应链运营优化研究”（72272153，2023—2026）；国家自然科学基金面上项目：“供应链碳中和视角下碳补偿机制及其政策协同影响研究”（72274055，2023—2026）；湖南省社科基金年度项目：“湖南战略性新兴产业融合集群发展研究”（23YBA021，2024—2026）。

Research on the "incentive" and "crowding-out" effects of corporate green innovation driven by environmental taxes

Cao Yu1, Zhang Wenjing1, Wan Guangyu2   

  1. 1. School of Business, Central South University, Changsha 410083, Hunan, China; 
    2. School of Economics and Trade, Hunan University, Changsha 410082, Hunan, China
  • Received:2023-11-09 Revised:2024-11-29 Accepted:2024-11-29 Online:2025-10-20 Published:2025-10-14

摘要：    《环境保护税法》的制定是中国税收政策绿色化发展的标志事件，作为市场型环境规制工具的典型代表，其如何影响企业绿色创新是学术界和应用部门共同关注的一个焦点问题。本文从税制征收视角入手，以2018-2022年A股上市公司为样本，探讨环境税对中国上市企业绿色创新的作用机制。研究发现：首先，环境税能够促进企业绿色创新，尤其南部地区、数字化程度高和成立年限较短的企业的激励作用更为明显；其次，容错度在环境税与绿色创新的关系中发挥调节作用，即容错度越高越能强化环境税和企业绿色创新之间的关系；再次，环境税诱发的企业绿色创新是因为抢占了其他项目的财务资源、技术资源，进而产生对其他项目的“挤出效应”；最后，本文发现随着环境税支出不断增加，企业更愿意投资开展实质性而非策略性绿色创新项目。文章拓展了国家环境政策影响企业绿色创新战略的文献，为评估环境税以及绿色创新的关系提供了新视角。

关键词: 环境税, 绿色创新, 容错度, 资源抢占, 绿色创新动机

Abstract:    The enactment of the Environmental Protection Tax Law marks a pivotal milestone in formulating the fiscal policies for China′s green development. As a prototypical market-based environmental regulation tool, how environmental tax influences corporate green innovation has become a focal issue of concern for both academic and practical sectors. This paper examined the mechanism through which environmental tax affects green innovation among Chinese listed firms, from a perspective of tax policy implementation. Using a sample of A-share listed companies from 2018 to 2022, the study yielded several key findings: First, environmental tax has a significant positive effect on corporate green innovation. This effect is more pronounced among firms located in southern regions, those with higher levels of digitalization, and younger firms. Second, failure tolerance plays a moderating role in the relationship between environmental tax and green innovation—firms with higher failure tolerance exhibit a stronger positive response to environmental tax incentives. Third, the positive impact of environmental tax on green innovation is partly driven by resource reallocation: firms divert financial and technological resources away from other projects, leading to a crowding-out effect. Finally, the study found that as environmental tax expenditure increases, firms are more inclined to invest in substantive rather than symbolic green innovation initiatives. This paper has enriched the literature on how national environmental policies influence corporate green innovation strategies and it will offer a new perspective for assessing the relationship between environmental taxation and green innovation.

Key words: environmental tax, green innovation, tolerance, resource competition, green innovation motivation